Zeta Global Holdings Corp. · NYSE:ZETA
Zeta Global — Q3 2025 Earnings Presentation
49 slides from Zeta Global's earnings presentation, Nov 4, 2025
Slide 1: Supplemental 3Q'25 Earnings Presentation
Supplemental 3Q’25 Earnings Presentation November 4, 2025
Slide 2: Forward-looking statements and non-GAAP measures
Forward-looking statements and non-GAAP measures This presentation, together with other statements and information publicly disseminated by the Company, contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Sec
Slide 3: Zeta's 3Q'25 results are durable, predictable, and profitable
Zeta’s 3Q’25 results are durable, predictable, and profitable KEY THEMES RESULTS • 3Q revenue growth of 26%, 28% excluding LiveIntent and PY Political Candidate 3Q’25 Strong YTD • 3Q Adj. EBITDA2 growth of 46% and margin2 expansion of 320 bps RESULTS Momentum • 3Q free cash flow2 growth of 83%, 60%
Slide 4: Consistent execution with strong underlying fundamentals
Consistent execution with strong underlying fundamentals Scaled Customer Count Scaled Customer ARPU Industry Verticals TOTAL SCALED4 SUPER-SCALED5 TOTAL SCALED6 SUPER-SCALED7 7 of the Top 10 572 +20% Y/Y 180 +25% Y/Y $579K $1.6M Verticals Grew 2Q’25: 567 2Q’25: 168 2Q’25: $532K 2Q’25: $1.6M Greater
Slide 5: 15 straight quarters of >20% revenue growth and expanding Adj. EBITDA margins
15 straight quarters of >20% revenue growth and 19 consecutive quarters of expanding Adj. EBITDA margins Y/Y Revenue Growth Adjusted EBITDA2 Growth $78 $337 $268 $54 23.2% of Revenue 20.0% of Revenue 3Q’24 3Q’25 3Q’24 3Q’25 See slide 44 for footnote definitions See appendix for definitions of non-GA
Slide 6: Significant Y/Y scaled customer count expansion
Significant Y/Y scaled customer count expansion 18 Consecutive Quarters of Sequential 350 Scaled Customer4,5 Expansion Y/Y Growth: 20% 300 567 572 548 527 180 250 159 168 468 475 148 460 200 440 452 144 144 144 131 150 124 379 389 399 392 100 331 ZETA 2028 316 321 316 324 MODELED CAGR: 50 4-8% - 3Q'
Slide 7: Continued scaled customer ARPU expansion
Continued scaled customer ARPU expansion Y/Y ARPU6,7 Growth % 10% 7% 11% 22% 33% 27% 12% 11% 4% Y/Y Growth: $479 $557 $577 $532 $579 4% $454 $467 $418 $416 2Q’25 ARPU for $1M+ is ZETA 2028 15X 3Q’25 ARPU for $1M+ is ~17X the $100K - $1M Cohort MODELED CAGR: 12-16% the $100K - $1M Cohort 3Q'23 4Q'23
Slide 8: Powerful revenue leverage as customers ramp to >$1M spend
Powerful revenue leverage as customers ramp to >$1M spend $100K to $1M Greater than $1M 399 392 180 Scaled 168 Customer 331 144 Count4,5 Total Scaled Customers 3Q’25: 572 2Q’25: 567 3Q‘24 2Q‘25 3Q’25 3Q‘24 2Q‘25 3Q’25 3Q’24: 475 Quarterly ARPU6,7 $95 $91 $97 $1,619 $1,578 $1,630 ~17X OPP. Avg. Chann
Slide 9: The longer our customers stay with us, the bigger they become
The longer our customers stay with us, the bigger they become Scaled Customer ARPU6 2023 $3.2M 2024 $2.8M 2Q’25 TTM $2.5M $2.0M $2.1M $1.5M $1.6M $1.3M $1.2M $0.9M $0.6M $0.6M <1 Year 1-3 Years 3-5 Years 5+ Years Percentage of 2Q‘25 TTM Revenue 8% 16% 17% 59% ~90% Revenue driven by scaled customers
Slide 10: Zeta is well-diversified across a wide range of verticals
Zeta is well-diversified across a wide range of verticals FY 2024 Revenue by Vertical Well-Diversified Customer Set Automotive, 4% Consumer & Retail, 22% • Broad coverage across 15 Healthcare, 6% different industry verticals Technology & Media, 6% • 7 of the Top 10 verticals grew Travel & greater th
Slide 11: Serving 44% of the Fortune 100
Serving 44% of the Fortune 10014 11 of the 17 largest 2 of the 3 largest 5 of the 10 largest Insurance Consumer & Retail Airline companies companies in the world companies 6 of the 13 largest 5 of the largest Agency 4 of the 5 largest Technology & Media Hold Cos Telecommunications companies companie
Slide 12: Zeta 2028
Zeta 2028
Slide 13: Tracking towards Zeta 2028
Tracking towards Zeta 2028 2028 Targets $2,100 2028 REVENUE TARGET $2,500 $1,540 $1,275 $2,000 $1,006 $2.1B+ $1,500 $591 $729 $368 $458 $1,000 $500 Implied 20% CAGR $- '20 '21 '22 '23 '24 '25E* '26E '28 2 21% 23% $525 2028 ADJ. EBITDA TARGET 19% $600 30% $500 16% 18% $354 25% 14% $274 25% $525M+ 11%
Slide 14: Compound annual growth rates for Zeta 2028 key metrics
Compound annual growth rates for Zeta 2028 key metrics Original Zeta 2025 Model Actual Performance Zeta 2028 Model Announced Feb. 2022 2021–2024 Announced Feb. 2025 Revenue CAGR 22% 30% 20% METRICS KEY Adj. EBITDA2 CAGR 33% 45% 28% Free Cash Flow2 CAGR 58% 74% 39% Scaled Count CAGR 6% 14% 4% – 8% Sc
Slide 15: 4Q'25 & FY'25 & FY'26 Guidance
4Q’25 & FY’25 & FY’26 Guidance
Slide 16: Guidance that is balanced between growth & operating leverage
Guidance that is balanced between growth & operating leverage 4Q’25 FY’25 4Q’25 FY’25 Excludes Marigold Guidance Guidance Guidance Guidance Range Range Midpoint Midpoint Total Zeta Revenue $363M – $366M $1,273M – $1,276M $365M $1,275M % Growth Y/Y 15% – 16% 27% 16% 27% Adj. EBITDA2 $89.7M – $90.5M $
Slide 17: Guidance that is balanced between growth & operating leverage
Guidance that is balanced between growth & operating leverage Excludes Marigold 1Q’25 2Q’25 3Q’25 4Q’25 FY’25 Actuals Actuals Actuals Midpoint Midpoint Zeta Revenue excl. LiveIntent $245M $288M $317M $341M $1,190M % Growth excl. LiveIntent & Political Y/Y 26% 27% 28% 23% 26% LiveIntent Revenue $19M
Slide 18: Guidance that is balanced between growth & operating leverage
Guidance that is balanced between growth & operating leverage Excludes Marigold 1Q’25 2Q’25 3Q’25 4Q’25 FY’25 Guidance Guidance Actuals Actuals Actuals Midpoint Midpoint 2025 Revenue Prior Guidance (reported as of 8/5) $363M $1,263M Y/Y Growth % 15% 26% REVISED 2025 Revenue: 1Q, 2Q, 3Q Actuals + New
Slide 19: Initial 2026 guidance calls for another year of 20%+ growth
Initial 2026 guidance calls for another year of 20%+ growth 1Q’26 FY’26 Excludes Marigold Guidance Guidance Total Zeta Revenue $314.5M $1,540.0M % Growth Y/Y 19% 21% Adj. EBITDA2 $56.0M $354.0M % Growth Y/Y 20% 29% Adj. EBITDA Margin2 17.8% 23.0% BPS Change Y/Y 10 BPS 150 BPS Free Cash Flow2 – $209.
Slide 20: Guiding to Free Cash Flow of $157M in 2025, with a target of $340M+ by 2028
Guiding to Free Cash Flow of $157M in 2025, with a target of $340M+ by 2028 FCF conversion adjusted for Working Capital headwinds ADJ. EBITDA primarily from the agency business growth FCF $ 62% 68% $525+ 65% 59% 65% $600 70% FCF / EBITDA % 3 58% 60% 48% $500 $400 42% 42% $354 $340+ 50% $274 40% 26%
Slide 21: Expecting significant reduction in share count dilution in 2025 and 2026
Expecting significant reduction in share count dilution in 2025 and 2026 Total Dilution ~15% 18% 16% ~5% Follow-on Offering 14% 12% ~3% LiveIntent 10% Acquisition Target Total Dilution Target Total Dilution 8% 6% ~3% Stock granted, net ~4-6% ~3-4% Previously issued ~3% Stock granted, net ~1% Stock g
Slide 22: Stock-based Compensation declining as both an expense and as a % of revenue
Stock-based Compensation declining as both an expense and as a % of revenue 57% $299 $350 60% $259 $300 50% $250 51% $243 $195 $190 40% $200 33% 30% $150 20% 19% 15% $100 10% $50 $- 0% 2021 2022 2023 2024 2025E Total Stock-based Compensation (M) Stock-based Compensation as a % of revenue 22
Slide 23: Zeta Overview
Zeta Overview
Slide 24: Convergence One System
Convergence One System Authenticated Identity from 1P data is the connective tissue for Precision & Scale PAID OWNED CHANNELS CHANNELS UNIFIED A Gap in the Market Exists SOCIAL EMAIL/SMS IDENTITY SEARCH Over half of marketers seek to PUSH/IN-APP personalize across the entire PROGRAMMATIC/CTV WEB/A
Slide 25: A New Category is Emerging
A New Category is Emerging AI-POWERED MARKETING Answer-driven systems that connect identity & intelligence to decide, act, and get smarter in real-time — delivering outcomes that get better over time. REQUIRES DELIVERS AUTHENTICATED CENTRALIZED CLOSED PRECISION & FASTER COMPOUNDING PERSISTENT DECISI
Slide 26: The Zeta Promise
The Zeta Promise More value with us than without us SPEED SIMPLICITY CERTAINTY Onramps in weeks; The “easy-button” to More predictable Outcomes in a quarter AI-powered marketing outcomes Faster Time to Value Annualized Savings19 ROAS 26
Slide 27: The Zeta Edge
The Zeta Edge One System Powering CONTENT System All Touchpoints of Truth Proprietary SuperGraph Intelligence AI-POWERED DATA FOUNDATION CONTAINER CONNECTORS 27
Slide 28: Three on-ramps, one system
is the Unlock Three on-ramps, one system PLATFORM OUT MEDIA IN ONEZETA AS SYSTEM 360° View of Consumer 360° View of Marketer 360° View of Business Customer Major Retailer Major Airline Middle Market Retailer Starting Point CDP High-value audiences in paid 7 disconnected tools CTV tying exposure to I
Slide 29: Zeta consolidates the fragmented marketing landscape
Zeta consolidates the fragmented marketing landscape The Zeta Marketing Platform (ZMP) consolidates all 3 Data Marketing Management Automation Engagement (Marketing Clouds (Programmatic) (CDPs) & ESPs) How brands create a unified customer How brands effectively reach and manage How brands acquire ne
Slide 30: Zeta was named a Leader in the Latest Forrester Wave
Zeta was named a Leader in the Latest Forrester Wave15 Zeta was named as the leader, by a wide 3Q 2024 margin, scoring highest possible rating in 13 of 22 categories. Highlights 1Q 2022 “Zeta Global stands out with a solution that suits the most type of marketers.” “Zeta’s current offering leads our
Slide 31: The intelligence powered era is breaking boundaries
The intelligence powered era is breaking boundaries U.S. TAM 11 CAGR 11 OMNICHANNEL ENGAGEMENT 2023 ’23 – ‘25 Data Media MarTech SIGNALS Intelligence Powered $19B 14% Marketing IPM Technology Intelligence IDENTITY Powered Media 12% $64B See slide 44 for footnote definitions 31
Slide 32: Comprehensive Look Into Zeta's Data Cloud, Governance & Vision
Comprehensive Look Into Zeta’s Data Cloud, Governance & Vision Selection from Zeta Data Summit on December 9, 2024
Slide 33: Finding Signal Through the Noise
Finding Signal Through the Noise Zeta’s POV on How Outsiders Should Value Data Assets, Capabilities, Compliance Size, Scale, Is Coverage Comprehensive and Resilient? Durability Data Active Activation Compliance Model Is Usability Easy, and Does Are Standards of Today and it Create “Unfair the Likely
Slide 34: Zeta's Types of Data
Zeta’s Types of Data Zeta’s People-Based Data Includes Identities, Identifiers, & Signals Identities Identifiers Signals Identities are unique Identifiers are indices that Signals are data-in-motion and individuals, represented by determine the best way to data-at-rest processed by Zeta offline PII
Slide 35: Defining Zeta's Sources of Data
Defining Zeta’s Sources of Data Zeta Data Sources Description Zeta Demand Side Platform (DSP) Technology enabling advertisers to participate in online, programmatic auctions Zeta Supply Side Platform (SSP) Technology enabling publishers to participate in online, programmatic auctions Zeta Message Tr
Slide 36: Contribution Value of Zeta's Technology and Networks
Contribution Value of Zeta’s Technology and Networks Est. Contribution Zeta Data Sources Identities Identifiers Signals to Total Graph Zeta Demand Side Platform (DSP) 15-20% Zeta Supply Side Platform (SSP) 3-5% Zeta Message Transfer Agent (MTA) 10-15% Disqus 15-20% LiveIntent 20-25% O&O Properties 0
Slide 37: MTA, LiveIntent, Disqus Contribute > 75%+ of Identities
MTA, LiveIntent, Disqus Contribute > 75%+ of Identities O&O Third Party MTA Disqus LiveIntent 37
Slide 38: DSP, LiveIntent, Disqus Contribute > 95% of Identifiers
DSP, LiveIntent, Disqus Contribute > 95% of Identifiers SSP Third Party LiveIntent Disqus DSP 38
Slide 39: Disqus, DSP, LiveIntent Contribute > 75%+ of Signals
Disqus, DSP, LiveIntent Contribute > 75%+ of Signals Third Party O&O DSP LiveIntent Disqus 39
Slide 40: Digital and Email Permission Have Different Requirements
Digital and Email Permission Have Different Requirements Zeta Collects Permissioned Data for Web Monitoring and Email Using Methodologies Compliant with Federal Laws, State Laws, and Self-Regulatory Programs Zeta Data Cloud Counts as of November 2024 Digital Permission: Identities, Signals and Ident
Slide 41: Data Durability
Data Durability Zeta’s People-Based Assets Have Demonstrated Stability and Antifragility Amidst a More Stringent Regulatory Environment December 2021 January 2024 November 2024 231M* 241M* 245M* LiveIntent Acquisition Completed Data Privacy Regulation & Browser Updates GDPR Apple ITP TCF 2.0 Google
Slide 42: How Hard it is to Replicate
How Hard it is to Replicate In Short, It Would Be Challenging to Recreate Zeta’s Model Data AI Convergence Own identity-based Leading AI-capabilities to Platform capable of assets that provide real synthesize data into operating across the value to Publishers, and actionable intelligence entire cons
Slide 43: Appendix
aa Appendix
Slide 44: Footnotes
Footnotes 1 | 3Q’25 GAAP net loss of $3.6M, or 1.1% of revenue, includes $45.6M of stock-based compensation. 2 | Adjusted EBITDA, Adjusted EBITDA Margin, non-GAAP Net Income, non-GAAP Net Income per share, and Free Cash Flow are non-GAAP measures, see reconciliations in this Appendix. 3 | Free Cash
Slide 45: Non-GAAP Measures
Non-GAAP Measures In order to assist readers in understanding the core operating results that our management uses to evaluate the business, we describe our non-GAAP measures referenced in this presentation below. We believe these non-GAAP measures are useful to investors in evaluating our performanc
Slide 46: Reconciliation for Adj. EBITDA and Adj. EBITDA margin
Reconciliation for Adj. EBITDA and Adj. EBITDA margin $ in ’000s, unless otherwise noted ` 3Q’24 3Q’25 2Q’25 1Q’25 FY’19 FY’20 FY’21 FY’22 FY’23 FY’24 Net loss $ (17,375) $ (3,634) $ (12,814) $ (21,600) $ (38,465) $ (53,225) $ (249,563) $ (279,239) $ (187,481) $ (69,771) Net loss margin (6.5)% (1.1)
Slide 47: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation $ in ’000s, unless otherwise noted 3Q’24 3Q’25 2Q’25 1Q’25 FY’19 FY’20 FY’21 FY’22 FY’23 FY’24 Cash Flows from Operating Activities $ 34,402 $ 57,919 $ 42,049 $ 34,799 $ 30,599 $ 35,539 $ 44,292 $ 78,486 $ 90,523 $ 133,861 Capital expenditures (4,893) (5,473) (2,349) (2
Slide 48: Non-GAAP Net Income per share Reconciliation
Non-GAAP Net Income per share Reconciliation $ in ’000s, except shares and per share amounts 3Q’24 3Q’25 YTD’24 YTD’25 Net Loss $ (17,375) $ (3,634) $ (85,007) $ (38,048) Restructuring expenses - - - 3,152 Acquisition related expenses 4,583 6,482 4,583 6,482 Stock-based compensation 47,177 45,632 15
Slide 49: Revenue growth excluding Political Candidate & LiveIntent Revenue Reconciliation
Revenue growth excluding Political Candidate & LiveIntent Revenue Reconciliation 3Q’24 3Q’25 Revenues $ 268,295 $ 337,169 Political candidate revenue (21,058) NM* LiveIntent revenue - (20,600) Revenues excluding political candidate & LiveIntent revenues $ 247,237 $ 316,569 Growth excluding political